Overarching pressures continue to have a dampening effect on overall market activity. However, capital is circling for higher-value opportunities and interest rate relief is now a forgone conclusion. Bayleys auctions yielded good clearance rates across the country, with tenanted and add-value industrial premises proving most popular with investors

 

AUCKLAND

13 Shore Road, Remuera: 173sqm commercial premises overlooking Hobson Bay and the Shore Road Reserve sold for $1,660,000 at a 5.71% yield. The property forms part of a small retail block on the corner with Seaview Road, and features two levels with separate entrances which are occupied by a hairdresser and a dermatologist with varying lease arrangements. (James Were, Bayleys Auckland Central)

Unit E, 197 Marua Road, Mount Wellington: 97sqm industrial unit, one of eight at the rear of the complex with drive-around capability, sold with vacant possession for $643,000. The unit comprises 75sqm of high-stud warehousing and 19sqm of offices with an unconsented mezzanine and storage. (Matt Dell, William Gubb, Bayleys South Auckland)

WAIKATO/BAY OF PLENTY

10 Taylor Avenue, Paeroa: Commercial and industrial buildings totalling 550sqm on a 4,131sqm site sold for $772,000 at a 7.98% yield. The property is occupied by BuildLink Paeroa – the only full-service building and hardware supplier in Paeroa - with a two year lease plus 2x2yrRoR. The significant landholding features a low build-site ratio, suitable for future expansion or development and an accessible location just off State Highway 2. (Josh Smith, Bayleys Hamilton)

60A Victoria Street, Cambridge: Refurbished 31sqm retail premises on the main street in ‘the town of trees and champions’ sold for $355,000 at a 5.62% yield. Benefitting from high exposure to passing vehicles and foot traffic, the bite-sized investment is occupied by an established technology business, which has a three year lease to May 2025 plus 1x3yrRoR. (Willem Brown, Bayleys Cambridge)

25 Seddon Street, Waihi, Waikato: 1,050sqm commercial premises split across three units and storage on a high-profile corner in the Waihi Town Centre, sold under the hammer via mortgagee process for $744,000 at an 8.06% yield. The 1,009sqm site at the intersection with Moresby Street sustains three tenants and an underutilised metalled rear yard. International sandwich chain Subway has traded from the site since 2004, with a current six year lease and 3x6yrRoR. Other occupants include a charity shop, health clinic, and self-storage business, which occupy the premises with varying lease arrangements. (Josh Smith, Bayleys Hamilton)

9 Amber Crescent, Judea: 274sqm industrial premises on a 496sqm site sold with vacant possession for $765,000. Comprising 200sqm of workshop area and 74sqm of offices plus a flexible anterior showroom and a private yard. (Craig Hilton, Christy Arundel, Rory Brown, Bayleys Tauranga)

63 Birch Avenue, Judea: 379sqm industrial property on the market for the first time in half a century, sold for $1,026,000 at a 5.45% yield. The 1970s building features dual workshops of 189sqm each, which are accessible via roller doors with car parking and a small concrete yard. A local car rental business and an engineering company occupy the premises with recently commenced three year leases and renewal rights to 2033 and 2035 respectively. (Brendon Bradley, Ryan Bradley, Lynn Bradley, Bayleys Tauranga)

CENTRAL NORTH ISLAND

1196 Pukuatua Street, Rotorua Central: 66sqm retail unit with a seismic assessment of 100% of NBS, sold for $135,000 at a 6.85% yield. Located on a main thoroughfare for vehicle and foot traffic, the property is occupied by a barber’s shop which has a two year lease to 2025 plus 3x2yrRoR. (Brei King, Bayleys Rotorua)

134 Riri Street, Mangakakahi: 373sqm industrial property sold with vacant possession for $350,000. Comprising 140sqm of warehousing with a 193sqm low-stud workshop and offices over 50sqm. The premises has a seismic assessment of 70% of NBS and occupies a strategic 653sqm site within Rotorua’s low vacancy industrial precinct. (Damien Keenan, Mark Slade, Bayleys Rotorua)

LOWER NORTH ISLAND

123 Kāpiti Road, Kāpiti: 308sqm commercial property in a busy retail strip with six individually titled units, sold for $1,268,000 at a 6.07% yield. The prominent property has been refurbished by its current tenant and benefits from a high-profile location immediately adjacent to the Kāpiti Landing development, where tenants include Mitre 10 Mega, Repco and New World. Local business Wellington Beds occupies the 649sqm site with a lease to 2028 which includes a rental increase to $80,000 net pa in February 2025. (Jo Stewart, Bayleys Wellington)

17 Hautonga Street, Petone: 553sqm industrial premises plus five car parks sold with vacant possession for $1,0400,000. The property features 458sqm of warehousing with 36sqm of offices and a 54sqm mezzanine on a 710sqm site. Potential net rent has been forecast at $82,726, reflecting a potential net yield of 7.95% on the sale price. (Ethan Hourigan, Paul Cudby, Mark Sherlock, Bayleys Wellington)

SOUTH ISLAND

54 Waterloo Road, Hornby, Christchurch: A-grade 1,147sqm industrial premises plus 14 car parks, sold for $3,650,000 at a 4.93% yield. Comprising high-stud warehousing with offices, reception and a showroom/display area, architecturally designed and built in 2018 for the current tenant - Australasian auto trader Multispares – which has a new 10 year lease to June 2034 plus 3x5yrRoR. (Nick O’Styke, Bayleys Christchurch)